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East King and Snohomish County Commercial Sales Summary (August – October 2010)

Picture of chart and with bar graphHere is a summary of the commercial sales in Snohomish County and King County’s Eastside for the last few months. Specifically, the sales from August 1 to October 31, a 3-month period.

During this period, the average number of transactions is largely unchanged from previous months.  But, the transactions are far larger, with some high-profile transactions in East King County. The data comes from the Commercial Brokers Association database, so is limited to transactions reported there.

East King County Sales

In East King County there were 17 sales during the period.  In October, there were only 2 transactions closed.  But, they were large transactions.  The largest was the sale of a 164,000 square foot office building in Overlake for $46,000,000 ($279/SF). The building was sold to investors and was fully leased to Microsoft. The other large transaction was the sale of a 110,000 square foot Yarrow Bay office building for just over $21 million (about $195/SF).

In September, there were 9 transactions closed, the most transactions of any month this year. The largest was the sale of the The Bravern towers in Bellevue for $410,000,000.  That amounts to $598 per square foot. This Seattle Times article provides most of the details. Other transactions ranged from $275,000 for 20 acres in North Bend to $15.6 million for a business park in Issaquah ($162/SF).

In August, there were 6 transactions on the Eastside. The smallest was for developable land on Bothell-Everett highway, which sold for $67,000. The largest was for a Bellevue nursing home for $7.1 million ($115/SF)

Here are links to the details:

http://www3.commercialmls.com/epropertydata/9528748399557

Snohomish County Sales

In Snohomish County, there were 30 sales during this three month period. This is a large jump compared to the previous months. Most of the sales occurred in August and September, with only 3 in October.

11 of the sales were in August.  In fact, the 4 largest transactions were in August. Those 4 were:

  • 53,508 SF Office building in Everett for $7,300,000 ($136/SF)
  • 8 acres of land off Highway 2 for $3.5 million
  • 13,162 SF Car dealership in Lynnwood for $3,100,000 ($235/SF)
  • The fourth sale was a foreclosure sale, purchased by the bank, at auction. It was a  21,564 SF Retail building in Monroe which sold for $4,377,600 ($203/SF)

There were several much smaller transactions also, including a $310,000 retail property in Arlington and a Marysville office building purchased at the Trustee’s sale for $350,000.

In September, there were 15 transactions.  The largest was the sale of a large lot and retail building in Monroe to St. Vincent DePaul (who moved out of their previously leased space also in Monroe). The sale price was $2.4 million ($71.64/SF). Other transactions included land, office, retail, and industrial sales in Everett, Lynnwood, Mukilteo, Edmonds, and Snohomish. Sales include sales of 2 Office condos in Everett for $533,475 and $390,600 ($391 and $330 per square foot, respectively).

As in King County, sales slowed down in October, with only 3 transactions closing:

  • 10,472 SF Office/etail building in Lynnwood for $1.1 million ($105/SF)
  • 1.83 Acre development site in Edmonds for $725,000 ($9/Land SF)
  • The only other October transaction was the purchase of a coffee stand (yes, a coffee stand!) at the Trustee’s sale by the lender, for $600,000 (that would be $2272/SF for the building, or $32/SF for the land).

Here are the details of the Snohomish County Sales:

http://www3.commercialmls.com/epropertydata/3744748418150

 

 

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